Singapore’s digital economy has expanded to about $77 billion, or 17.3% of gross domestic product, and should continue to drive growth in coming years, according to a new government report.

The adoption of cloud computing and artificial intelligence by businesses stands out among a series of tech-driven changes over the past five years, the inaugural Singapore Digital Economy Report said. The information and communications sector was the city-state’s fastest-growing over that time, though increasing digitalization by other industries is also helping add value. The report estimated the size of Singapore’s digital economy at S$106 billion ($77.5 billion) as of 2022.